JPMorgan Combine Three EU Banking Units into One Hub
(30 November 2020 – Europe) JPMorgan is combining three of its most prominent banking units in the European Union (EU) into one central hub. This will enable the bank to cut costs and reduce complexity. The new structure will be based in Germany Frankfurt but will also have subsidiaries in Ireland and Luxemburg.
JPMorgan have been gradually enlarging their presence in Germany and will shift around US$ 230 billion in assets from the United Kingdom (UK) to Frankfurt once Brexit agreements between the UK and EU are finalised.
“Having a simplified European legal entity structure to make interactions easier for clients has been a long-term goal for JP Morgan. This strategy has no significant impact on our UK operations, and won’t change the location of our European offices or our people.” commented JPMorgan Head of Communications, Kate Haywood